DoorDash drops amid broad market selloff

DoorDash Inc fell 13.9% in morning trading on Thursday to $170.91 after Amazon announced a partnership with Uber Eats that offers Prime members free delivery on restaurant orders of $25 or more.

The agreement allows Prime members to place Uber Eats orders directly through Amazon's website and app without creating a separate Uber account. The arrangement gives Uber Eats access to millions of Amazon shoppers without spending on customer acquisition.

DoorDash is also facing pressure from its pending $17 billion purchase of Instacart, which was announced on October 29. The Federal Trade Commission has opened an inquiry into how DoorDash and Instacart use personal data for pricing. Anti-monopoly groups have asked regulators to block the transaction.

Small grocery retailers have raised concerns about the market power the combined company would hold.

Director Stanley Tang sold 23,125 shares in recent days. Company insiders sold more than $76 million worth of shares during the quarter.

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